Dash Soars 39% Amid Crypto Volatility; ENA Token Unlock and VIBESTR ATH

I. Crypto Market Overview

Key Takeaways

Macro Environment

President Trump's announcement of 100% tariffs on Chinese imports triggered a sharp risk-off move, driving global equities and crypto lower. The US government shutdown has created an 'information vacuum,' increasing volatility as traders rely on technicals and headlines. The 10-year Treasury yield dropped to a one-month low, with expectations of a Fed rate cut fueling short-term capital rotation into altcoins.

Crypto Market

The crypto market remains volatile after a sharp correction, with BTC down 0.54% at $111,489 and ETH up 0.67% at $3,830. Altcoins show mixed performance; DASH surged 39.8%, Mantle rose 16.0%, and Morpho Labs gained 16.6%, driven by privacy coin demand, ecosystem growth, and DeFi lending recovery. Market sentiment is shaped by macro shocks, ETF flows, and sector rotation.

Today's Outlook

Today, Ethena (ENA) will unlock 40.63 million tokens, potentially impacting market liquidity and volatility. VibeStrategy (VIBESTR) has reached an all-time high, reflecting strong momentum in select altcoins. The Future Blockchain Summit 2025 opens in Dubai, gathering global blockchain leaders and investors for major industry developments.

Fear and Greed Index

86.00% Annual Percentile

35 Neutral

Total Crypto Market Cap

$3.73T

0.59%

Total Market Trading Volume

$204.29B

61.22%

Altcoin Season Index

8.33%

Quarterly Percentile

34 / 100

Total Futures Market Open Interest

4.67B

36.81%

Futures

1.01T

10.12%

Perpetuals

II. Industry Updates

Macro-economic Policies

The U.S. Bureau of Labor Statistics has resumed work on the September CPI report despite the government shutdown, ensuring timely Social Security adjustments. The CPI release is critical for inflation expectations and directly impacts Bitcoin and DeFi market sentiment.

President Trump announced 100% tariffs on all Chinese imports starting November 1, triggering a sharp drop in global equities and a risk-off move in crypto. Bitcoin demand turned negative, and DeFi liquidity contracted as traders reduced leverage amid heightened macro uncertainty.

The 10-year U.S. Treasury yield dropped to a one-month low after the tariff announcement, with the Treasury shifting deficit funding to short-term T-bills. Lower yields and rate cut expectations have increased volatility in crypto, supporting short-term capital rotation into altcoins.

A major data blackout caused by the U.S. government shutdown has created an 'information vacuum,' increasing volatility in both traditional and crypto markets. The lack of official economic data has led to whipsaw price action in BTC and ETH as traders rely on technicals and headlines.

Recent flash crashes in crypto and equities, driven by macro policy shocks, have led to record fee earnings for DEXs but exposed vulnerabilities in market structure. Excessive leverage and thin liquidity have amplified price swings, impacting NFT and DeFi trading volumes.

Cryptocurrency Regulatory Trends

The UK Electoral Commission has called for stricter transparency after Reform UK accepted a crypto donation, raising concerns over foreign influence and prompting calls for a ban on digital asset donations. This may increase regulatory scrutiny and impact political fundraising via crypto.

Australia's crypto market surged as new regulatory guidelines and exchange listings boosted investor confidence, leading to a 500% rise in some altcoins. Clearer rules are attracting both retail and institutional participants, supporting market growth.

Nigeria's central bank governor confirmed upcoming crypto regulatory guidelines, signaling a shift from previous restrictions. This move is expected to foster greater adoption and integration of digital assets in Africa's largest economy.

The U.S. continues to advance crypto regulation, with the GENIUS Act and CLARITY Act enacted and 27 states passing 57 blockchain-related bills. This coordinated approach is shaping a more robust compliance landscape for digital assets.

Recent $10 billion liquidations on Hyperliquid have intensified calls for regulatory oversight of crypto exchanges, as industry leaders urge the use of insurance funds to protect users and enhance market stability.

DASH (DASH): DASH surged 38.7% in 24h to $53.96 with $443M volume, driven by high volatility and renewed interest in privacy coins amid market turbulence.

MORPHO Labs (MORPHO): MORPHO rose 16.6% in 24h to $1.87, with $129M volume, rebounding sharply from a recent all-time low as DeFi lending demand recovers.

Mantle (MNT): Mantle gained 14.0% in 24h to $1.98, with $664M volume, supported by strong ecosystem growth and BitDAO's 1:1 migration to MNT boosting activity.

Smart Money Movements

Two crypto addresses opened leveraged long positions totaling $19.66M on ETH and SOL, and $14.06M on BTC, using 20x and 25x leverage respectively, reflecting aggressive risk-taking amid market volatility.

Ethereum's open interest dropped by $10B in one day, from $28B to $19B, triggering a leverage reset and leading whale BMNR to accumulate 128,718 ETH worth $480M after the crash.

A crypto whale who lost $2M in recent liquidations re-entered the market with a $72.7M 25x leveraged long on 18,960 ETH, quickly earning $2.24M in profit and recovering previous losses.

A major Ethereum holder reduced their position by 9,010 ETH ($34.05M) after a market drop, having realized $30.24M profit since September by transferring 24,020 ETH to Binance at an average price of $4,282.

A newly created wallet withdrew 27,159 ETH ($104.19M) from Kraken, part of a group of three wallets that collectively withdrew 78,824 ETH ($302.12M), indicating significant accumulation activity.

Events to Watch

Oct 12 (Sun)

Expand North Star and GITEX ASIA open in Dubai; Future Blockchain Summit 2025 begins, gathering global blockchain leaders and investors.

Oct 12 (Sun)

Ethena (ENA) will unlock 40.63 million tokens today, potentially impacting market liquidity; VibeStrategy (VIBESTR) hits all-time high.

Oct 13 (Mon)

Big Time (BIGTIME) will unlock 462,303 tokens (~$15,232) on October 13, possibly affecting token price and market sentiment.

Oct 15 (Wed)

The U.S. September inflation (CPI) report will be released, a key macro event likely to influence crypto and global risk assets.

Oct 16 (Thu)

U.S. September retail sales data will be published, expected to impact the USD index and crypto market volatility.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The U.S. Bureau of Labor Statistics has resumed work on the September CPI report despite the government shutdown, ensuring timely Social Security adjustments. The CPI release is critical for inflation expectations and directly impacts Bitcoin and DeFi market sentiment.

President Trump announced 100% tariffs on all Chinese imports starting November 1, triggering a sharp drop in global equities and a risk-off move in crypto. Bitcoin demand turned negative, and DeFi liquidity contracted as traders reduced leverage amid heightened macro uncertainty.

The 10-year U.S. Treasury yield dropped to a one-month low after the tariff announcement, with the Treasury shifting deficit funding to short-term T-bills. Lower yields and rate cut expectations have increased volatility in crypto, supporting short-term capital rotation into altcoins.

A major data blackout caused by the U.S. government shutdown has created an 'information vacuum,' increasing volatility in both traditional and crypto markets. The lack of official economic data has led to whipsaw price action in BTC and ETH as traders rely on technicals and headlines.

Recent flash crashes in crypto and equities, driven by macro policy shocks, have led to record fee earnings for DEXs but exposed vulnerabilities in market structure. Excessive leverage and thin liquidity have amplified price swings, impacting NFT and DeFi trading volumes.

Cryptocurrency Regulatory Trends

The UK Electoral Commission has called for stricter transparency after Reform UK accepted a crypto donation, raising concerns over foreign influence and prompting calls for a ban on digital asset donations. This may increase regulatory scrutiny and impact political fundraising via crypto.

Australia's crypto market surged as new regulatory guidelines and exchange listings boosted investor confidence, leading to a 500% rise in some altcoins. Clearer rules are attracting both retail and institutional participants, supporting market growth.

Nigeria's central bank governor confirmed upcoming crypto regulatory guidelines, signaling a shift from previous restrictions. This move is expected to foster greater adoption and integration of digital assets in Africa's largest economy.

The U.S. continues to advance crypto regulation, with the GENIUS Act and CLARITY Act enacted and 27 states passing 57 blockchain-related bills. This coordinated approach is shaping a more robust compliance landscape for digital assets.

Recent $10 billion liquidations on Hyperliquid have intensified calls for regulatory oversight of crypto exchanges, as industry leaders urge the use of insurance funds to protect users and enhance market stability.

Trending Tokens

DASH (DASH): DASH surged 38.7% in 24h to $53.96 with $443M volume, driven by high volatility and renewed interest in privacy coins amid market turbulence.

MORPHO Labs (MORPHO): MORPHO rose 16.6% in 24h to $1.87, with $129M volume, rebounding sharply from a recent all-time low as DeFi lending demand recovers.

Mantle (MNT): Mantle gained 14.0% in 24h to $1.98, with $664M volume, supported by strong ecosystem growth and BitDAO's 1:1 migration to MNT boosting activity.

Smart Money Movements

Two crypto addresses opened leveraged long positions totaling $19.66M on ETH and SOL, and $14.06M on BTC, using 20x and 25x leverage respectively, reflecting aggressive risk-taking amid market volatility.

Ethereum's open interest dropped by $10B in one day, from $28B to $19B, triggering a leverage reset and leading whale BMNR to accumulate 128,718 ETH worth $480M after the crash.

A crypto whale who lost $2M in recent liquidations re-entered the market with a $72.7M 25x leveraged long on 18,960 ETH, quickly earning $2.24M in profit and recovering previous losses.

A major Ethereum holder reduced their position by 9,010 ETH ($34.05M) after a market drop, having realized $30.24M profit since September by transferring 24,020 ETH to Binance at an average price of $4,282.

A newly created wallet withdrew 27,159 ETH ($104.19M) from Kraken, part of a group of three wallets that collectively withdrew 78,824 ETH ($302.12M), indicating significant accumulation activity.

Events to Watch

Oct 12 (Sun)

Oct 12 (Sun)

Oct 13 (Mon)

Oct 15 (Wed)

Oct 16 (Thu)

III. Phemex Market Focus

New Listings

Phemex Promotions